An estate plan is a comprehensive instruction manual for your loved ones to let them know what to do with your children and your property.
Thus, there are several documents you will need to have on hand to get started. From our team of estate planning attorneys at Diamond Estate Planning Law here in McHenry, Illinois, here is what you need to get your estate plan started in Illinois – and why having an estate plan is so important.
I live in McHenry, IL. Why do I need an estate plan?
When people think of “estate planning,” they automatically assume only wealthy people create one.
That couldn’t be further from the truth.
An estate plan protects you and your family’s interests if anything were to happen to you. It determines how any assets or property are divided, what happens to your business (if you own one), who cares for your children, and more.
But that isn’t all.
An estate plan prevents your assets or children from falling into the hands of individuals you otherwise wouldn’t want to have them. Without an estate plan in place, the probate court in Illinois could be the one to decide – and the court’s decisions may not align with what you would have wanted.
As such, everyone needs an estate plan. And if you live in McHenry, Illinois, our attorneys at Diamond Estate Planning Law can help.
What does Diamond Estate Planning Law include in an estate plan?
Depending on your specific needs, when you create an estate plan with our team, it could include any or all of the following:
- Your last will and testament
- Your Powers of Attorney
- Any Special Deeds (concerning the property or properties you own)
- Your Advanced Directions (which detail your wishes concerning medical care)
- Your beneficiaries and shared account holders
- And more
What documents should I have on hand when setting up my estate plan?
To create an estate plan in the state of Illinois, your estate planning lawyer would need access to the following (if you have them):
- your last will and testament,
- any trust agreements,
- beneficiary designations for life insurance, 401(k) plans and IRAs,
- powers of attorney for health care and property,
- buy-sell agreements, and
- living wills
These documents will allow us to piece together an estate strategy – and advise you if any documents do not align with your overall goals or plans.
What if I don’t have some or all of these documents in place to set up my estate plan?
If you do not have these documents in place, Diamond Estate Planning Law will go over precisely what you want and need, and help you create them.
Contact Diamond Estate Planning Law to discuss the details of your estate plan
Diamond Estate Planning Law is dedicated to the McHenry, Illinois community and considers it a privilege to serve the families that live here.
Our goal is to ensure our clients are protected. We do this by taking time to assess each client’s individual needs, and developing an estate plan that covers all of their interests. Feel free to schedule an appointment with our office online or contact our office by phone at 779-704-5738. We look forward to speaking with you.
DISCLAIMER: Any information contained herein is solely for informational purposes. While it is important that you educate yourself, nothing herein should be construed as legal advice or create an attorney-client relationship. For specific questions, we urge you to contact a local attorney for advice pertaining to your specific legal needs.